Globo launches another schizophrenic attack on BNDES.

The newspaper O Globo, owned by the Marinho brothers, states the obvious: that BNDES operations, being subsidized, imply "losses" for the National Treasury, even if this impact is questionable, due to the promotion of exports of goods and services by Brazilian companies; however, the newspaper Valor, which also belongs to the Marinho family, but in partnership with the Folha group, highlights in its headline that businessmen are asking for a "depoliticized debate" about BNDES, headed by Luciano Coutinho; "During Fernando Henrique Cardoso's government, we financed the construction of the Caracas metro. It's inconsistent to speak ill of that now," highlighted Roberto Giannetti da Fonseca, who was a secretary in the FHC government; but, and in Globo: is there any consistency?

June 16, 2015, 10:03 pmUpdated July 04, 2018, 23:17 pm

The newspaper O Globo, owned by the Marinho brothers, states the obvious: that BNDES operations, being subsidized, imply "losses" for the National Treasury, even if this impact is questionable, due to the promotion of exports of goods and services by Brazilian companies; however, the newspaper Valor, which also belongs to the Marinho family, but in partnership with the Folha group, highlights in its headline that businessmen are asking for a "depoliticized debate" about BNDES, headed by Luciano Coutinho; "During Fernando Henrique Cardoso's government, we financed the construction of the Caracas metro. It's inconsistent to speak ill of that now," highlighted Roberto Giannetti da Fonseca, who was secretary in the FHC government; but, and in Globo: is there any consistency? (Photo: Leonardo Attuch)

247 - Which publishing arm of the Marinho family should we trust: the newspaper O Globo, which is already campaigning against so-called 'Lulopetismo' (referring to Lula's Workers' Party), or the newspaper Valor Econômico, which proposes a more rational debate on economic issues?

This Tuesday, the newspaper O Globo dedicates its headline to BNDES and reveals an open secret: BNDES operations, which are subsidized, imply an accounting "loss" to the National Treasury. This is because the Workers' Support Fund transfers resources to the bank charging the Libor rate, which then lends them to companies at rates lower than market rates.

Thanks to these financing options, which are common in several countries around the world, such as export-oriented banks in the United States and Japan, for example, companies gain the strength to participate in international tenders. It is no coincidence that Brazil has enabled high volumes of exports of goods and services in recent years through its main construction companies. Coincidence or not, Foreign Affairs magazine, the bible of global foreign policy, highlighted in its most recent edition the advancement of Brazilian positions in Africa, Latin America, and the Caribbean in recent years (learn more). here).

That is precisely why the president of BNDES argues that the fiscal costs of the bank's operations should be put into perspective, given the impact on exports of goods and services – and also on job creation.

This is the approach that has been adopted by the more rational editorial arm of the Marinho family. This Tuesday, the front page is also dedicated to BNDES, but in a more sensible and constructive way. The newspaper highlights in its headline that business leaders are asking for a "depoliticized debate" about BNDES, headed by Luciano Coutinho.

Roberto Azeredo, director of the Ministry of Foreign Affairs, recalled that, between 2008 and 2012, China allocated US$45 billion to support its companies abroad – in Brazil, the average, thanks only to the BNDES (Brazilian Development Bank), was US$2,2 billion. "During Fernando Henrique Cardoso's government, we financed the construction of the Caracas metro. It's inconsistent to speak ill of that now," highlighted Roberto Giannetti da Fonseca, who was secretary in the FHC (Fernando Henrique Cardoso) government.

But what about Globo: is there any consistency?